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Calculating Your Benefit

Calculating Your Benefit - Late Retirement

You may continue working past your normal retirement date.  Your pension payments from the Plan will not begin until you initiate your retirement and your benefit will be calculated using your future service benefits earned up to your actual retirement date. 

In addition, the pension benefit you earned as of your normal retirement date will be increased by 1/2 of 1% for each month that your actual retirement date follows your normal retirement date.  The late retirement increase cannot exceed 42% and your benefit payments must commence by April 1 of the calendar year following the year in which the you reach age 70 and 1/2.

If you choose to return to work and suspend benefits, your pension payments will be suspended and additional benefits will usually accrue.  When you choose to resume pension payments, your late retirement reduction factor will be adjusted one time.  This adjustment is made only once no matter how many times your benefit payments are suspended.  

For further details, please review the Summary Plan Description.

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